MANILA, Philippines — Exporters are planning to propose revisions to targets under the Philippine Export Development Plan (PEDP) amid challenges posed by the pandemic to the sector.
Philippine Exporters Confederation Inc. (Philexport) president Sergio Ortiz-Luis Jr. said in a telephone interview that the group would be recommending adjustments to the PEDP’s export targets.
“They have to review the targets. They have to revise because the original target is no longer feasible,” he said.
Last month, Trade Undersecretary Abdulgani Macatoman said the Department of Trade and Industry (DTI) is undertaking a review of targets under the PEDP to see if these can still be met as the pandemic has affected the performance of the sector.
“Currently, we are reviewing and assessing the PEDP’s strategies indicators and export targets to see if such are still doable or not,” he said.
Under the PEDP crafted by the DTI, the goal is for total exports covering both merchandise and services to reach $122 billion to $130 billion by 2022.
Given the ongoing coronavirus disease crisis, Ortiz-Luis said the country’s total exports may just reach $100 billion by 2022.
“We’re not sure if we can catch up and meet the target,” he said.
Earlier, he said various surveys have shown many exporters were badly hit by the pandemic.
Exporters experienced supply chain disruptions as lockdowns were implemented to contain the spread of the virus.
In particular, there were delayed shipments, cancelled orders and loss of buyers and suppliers.
Latest available data from the Philippine Statistics Authority showed the country’s merchandise exports were valued at $52.11 billion in the January to October period, 12.5 percent lower than the $59.55 billion in the same period last year.